The rich get richer and the poor stay poor. That isn’t just a phrase, it is the Republican Party’s economic agenda policy for the United States. Jeb Bush proved just as much during an interview on Fox News where he was called out for advocating “voodoo economics” during an interview with Chris Wallace on Fox News’ Fox News Sunday.
When asked about his tax plan Bush began to recite the virtues of trickle-down economics. As was recently proven by the IMF, trickle-down-economic theory is a literally a joke. Bush then decried the left opposition’s tax plans, citing a debunked figure that says Bernie Sanders proposals would call for $19 trillion dollars in new spending. Bush didn’t even manage to correctly quote the debunked figure – which was $18 trillion.
Wallace: “You gave your tax plan to four conservative economists who said that it would increase the deficit between 1 and 3 trillion dollars over the next ten years. Now, Ronald Reagan proposed something roughly similar — big tax cuts — back in 1980 and he argued that the dynamic effect — the word you used — the growth would end up paying for the revenue loss.”
Wallace: “You know what your dad called that? Is this your version of ‘voodoo economics’?”
Bush: “It’s not the government’s money. If we can allow people to have more money, clearly that’s going to create economic growth.”
Wallace: “But whether it was Ronald Reagan’s tax cuts or your brother’s tax cuts, they did add greatly to the deficit.”
Bush: “They didn’t add as greatly as the static thinkers on the left think. They created a dynamic effect of high growth. If people think 2 percent growth is okay, then we’ll have more people living in poverty and disposable income for the middle class will continue to decline. We have to jump-start the economy so people can have more money to make decisions for themselves.”
Wallace: “You would save, under your tax plan, $3 million. Does Jeb Bush need a $3 million tax cut?”
Which is true. Bush would prosper greatly under his tax plan as well as the top 1% of earners. The middle-class, which Bush claims would benefit the most from his tax proposal would only see a 2.9% after tax increase in income. While the top 1% would receive an after tax increase of 11.6% in their income.
Bush and the rest of the GOP clown car have proven one thing so far this primary, none of them are willing to give up on their charade and admit that trickle-down economics does not work. For decades, conservatives and neo-liberalists like Bill Clinton have largely embraced monetarist economic policies. Those policies have done nothing but increase the divide between the wealthiest and the poorest Americans.
You can watch the interview below.
Featured Image Credit: Screenshot via YouTube